The UAE’s largest bank has signed an agreement to fully acquire the Egyptian business of Lebanese lender Bank Audi, its first international buyout.
Bank Audi and First Abu Dhabi Bank (FAB) have announced the signing a deal to buy 100 percent of Bank Audi Egypt.
The agreement follows the completion of an in-depth due diligence exercise conducted by FAB on Bank Audi Egypt after obtaining the preliminary approval of the Central Bank of Egypt.
The transaction is expected to be completed within the next few months, following the satisfaction of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt.
André Sayegh, group CEO, FAB, (pictured above) said: “FAB’s first international acquisition accelerates the group’s expansion in a high potential market, with the addition of Bank Audi Egypt’s operations offering the scale, expertise and financial strength to support our growth journey and sustainable returns.”
Samir Hanna, chairman and Group CEO of Bank Audi, added: “This transaction represents the best outcome for all our constituencies, in particular our customers and our employees in Egypt based upon the challenges we have been facing in Lebanon for the past 16 months.”
The acquisition will significantly increase the size and scale of FAB’s operations in Egypt, making it one of the country’s largest foreign banks with total assets of more than EGP120 billion ($8.1 billion).
The proceeds of the sale will contribute to the enhancement of Bank Audi Group’s capitalisation and financial resilience.
As at end-September 2020, Bank Audi Egypt had total assets of EGP83.2 billion with a network of 53 branches.
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